The Federal Government has introduced a ₦10 million Tax Reform Challenge aimed at promoting awareness and stimulating public engagement with Nigeria’s recently enacted tax reform laws.
The initiative was announced on Friday by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, via his official X handle. According to him, the competition seeks to encourage young Nigerians to contribute ideas and creative perspectives to the country’s evolving fiscal policy framework.
Describing the initiative as “big news for Nigerian students,” Oyedele said the challenge is intended to “raise awareness, promote tax education, and inspire constructive youth-led dialogue on Nigeria’s tax reform.”
The competition is open to undergraduate students in all tertiary institutions and recent graduates currently enrolled in the National Youth Service Corps (NYSC) or awaiting mobilisation. Participants are required to study the new tax laws and produce either an article, video, podcast, radio feature, or social media post published between July 1 and December 31, 2025.
Submissions will be judged based on how informative, engaging, and evidence-based they are. Oyedele noted that critical viewpoints are acceptable as long as they are fact-driven. The prize allocation includes ₦5 million for first place, ₦3 million for second place, and ₦2 million for third place.
Additionally, the top 10 participants from each geopolitical zone will receive consolation prizes such as devices, internship placements, job opportunities, and recognition as Tax Reform Youth Ambassadors.
“Don’t just watch history. Shape it — Read. Create. Educate. Grow,” Oyedele urged in his announcement.
The Presidential Fiscal Policy and Tax Reforms Committee was inaugurated by President Bola Tinubu on August 8, 2023, to harmonise tax administration, reduce multiple taxation, and boost national revenue without increasing financial pressure on citizens or businesses. The committee’s mandate includes simplifying the country’s tax system, improving coordination among federal and state tax bodies, and promoting transparency.
The Federal Government recently published the new tax reform laws in the official gazette after President Tinubu gave assent on June 26. The reforms include the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and Joint Revenue Board (Establishment) Act 2025.
The gazette outlines several changes: small businesses with yearly turnover below ₦100 million and assets valued under ₦250 million are exempted from corporate tax; corporate tax for large firms may be reduced from 30% to 25% at the President’s discretion; and a 5% annual tax credit is introduced for eligible priority-sector projects. Companies operating in foreign currency may also now pay taxes in naira at official exchange rates.
While the Nigeria Tax Act and Nigeria Tax Administration Act will take effect on January 1, 2026, the Nigeria Revenue Service Act and Joint Revenue Board Act became effective on June 26.
According to the government, the reforms are intended to simplify the tax system, support small businesses, attract investment, and enhance economic stability, aligning with the administration’s agenda to diversify revenue beyond oil.
